Digital technologies are the "great
equalizer" of our time. If you’re a business, digital means it’s now
easier than ever to reach new markets. If you’re a customer, you now
have access to products and service from almost anywhere on the planet.

The impact is most evident in the e-commerce space, an industry that’s expected to be worth US $424 bn by 2021. But, even offline, businesses are increasingly operating in an international marketplace at every stage of the supply chain.

Against this backdrop, businesses can no
longer afford to treat payments as a mere commodity and as a result the
role of Payment Service Providers (PSPs) is changing. Business no longer
have to go it alone when it comes to planning and deploying cross
border strategies and today’s international merchants use PSPs as
partners, leveraging their capabilities and experience to shape new
multi-market B2C and B2B commerce services.

Indeed, a recent Paysafe White Paper
has identified five proven payments strategies for businesses that
stimulate cross-border growth and expand reach by engaging new
audiences.

From money remittance to electronic payments
and beyond, relevance is often underrated — an unsung hero, if you
will. Nowhere is this more apparent than in e-commerce, where 46.1% of cart abandonment issues occur at payment stage.

CEO and President Joel Leonoff on Paysafe's 2016 interim results

Consumers want to pay using the payment
method they know and prefer, and this isn’t always a credit card or some
other traditional means of payment. So, with international markets now
more competitive than ever, offering the right mix of payment methods can make the difference between success and losing a significant chunk of business.

Relevance depends on many factors, including
the cultural context, people’s attitudes and the economic circumstances
in a given market. There’s no one-size-fits-all solution. At the same
time, offering a large number of different payment options may not be
feasible. The cost of implementation can be high. And the potential
return on investment may not be enough to justify the expense

So, to maximise your appeal to as many
customers as possible, it’s worth exploring alternative payment methods.
From digital wallets that link to individual customers’ preferred card
or account to payments using cryptocurrencies, alternative payment
methods can address the issues of relevance and variety whilst also
being scalable.

On the one hand, having robust checks in place is key. Unauthorised transactions and other fraudulent activities can result in chargebacks
eating away at your revenue. And, there’s the risk of long-term loss of
business caused by reputational harm and lack of consumer trust.

Regulatory pressure is also increasing. For instance, PSD2
— which will enter into force in January 2018 — calls for 2-factor
authentication on all electronic payments over €10 (at the time of
writing, €10 is approximately US$11.18).

Clearly, choosing payment methods that offer
a happy medium between security and ease of use can put you at a
considerable advantage, as they allow you to stand out by adding value
via an outstanding user experience.

3. Build a seamless experience across different channels

The days when consumers transacted business
through a single channel are long gone. More and more, they start
transactions on one channel — typically their smartphone — and finish
through another, for instance at a local store. Which is why omnichannel
has become a strategic priority for 37% of businesses.

In the B2B space, omnichannel is also
growing in importance. Actual purchases aside, a majority of B2B
customers want to view their activities across all channels and have
access to a unified account and order history. In other words,
convenience is a universal need, irrespective of the type of customer
you service.

Consumers typically think of shopping as one
single experience, even when transactions involve different channels or
a cross-border dimension. And they always expect payment to be easy and
safe, whatever the time, date, location, type of product and
availability.

So, offering a seamless payment experience
across channels and borders can help customers feel more connected to
your brand. In turn, this builds trust and boosts loyalty, which
enhances customer retention.

Speaking of customer loyalty:

4. Add value to your payment solutions

Offering added-value payment solutions is a
great way of building brand loyalty whilst also standing out from the
crowd. And this holds true as much for B2B customers as it does in the
B2C space.

Adding value doesn’t mean reinventing the wheel. It can be as easy as using existing payment methods in novel ways.

A case in point, you can deploy prepaid
cards as loyalty cards, so they serve both as a payment method and as a
way to collect rewards. Similarly, online credit financing and pay later
programmes allow customers to spread costs — which can lead to larger
purchases — while also encouraging them to return.

5. Serving the underserved

Last but not least, offering payment methods
that give the underserved access to the digital economy is a great
growth opportunity.

People often take bank accounts and credit
cards for granted, especially in the West. But the underbanked are
everywhere, not just in developing countries. In Europe, for instance,
138 million people still don’t have a bank account, even though the Payment Accounts Directive grants all EU citizens the right to have one.

Even where access to banking services isn’t a
problem, some people simply prefer using cash. And this precludes them
from participating in the digital economy.

Alternative payment methods that allow
people to convert cash into digital currency can create inroads into
largely untapped markets, and help economies become more inclusive by
bridging the gap between the analog and digital payment spheres.

Summary

There’s never been a better time to expand
beyond the confines of your local market. But, as cross-border commerce
continues to grow, setting yourself apart from the competition will also
become more challenging.

Savvy customers now value convenience more
than ever. So, the most successful cross-border merchants will be those
with the foresight to leverage payment technologies, alternative payment
methods and value-add tools such as prepaid and online financing to
provide safer, simpler, more relevant and seamless shopping experiences.

For this to happen, partnering with a
trusted cross-border payment services provider is crucial. Aside from
help selecting the right technology and transitioning smoothly, your
payment services provider offers many other benefits. Their expertise
can help you boost your return on investment. And their solutions can
help you drive competitive edge and speed up expansion and growth.

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Bali is My Life

The people of Bali invite you to experience the pleasure of their island...

When you ask anyone who has visited Bali, "What's the best thing about Bali?" Their response is usually the same - "the people". Whether it's a 30 second chat with the waiter at breakfast or a 3 hour surf lesson discovering the hip phrases of surfing language, their warmth, charm and friendliness shine through leaving you feeling refreshed and wanting more.

And more is their waiting for you, with a wealth of interesting characters eager to show you; colourful temple ceremonies, endless beaches at sunset, dramatic misty volcanoes, terraced rice fields under the dappled light of coconut trees, candle lit fine dining, charming villages, pulsating nightlife and pounding surf - just for starters. We want you to see the beautiful rice fields, the Barong dance by torch light, pounding surf below temples perched on the cliff top, the arts and crafts in the markets and so much more.

So when you think about your next holiday, think about making friends with the people of Bali.

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